Transforming manufacturing landscape by upgrading technology
SMEs need to tackle this gap by becoming not just agile, but also staying ahead of the curve, with the ability to withstand strong market competition. The key is to attract global players by using their small status as an advantage, says Parag Jhaveri, MD & CEO, Yasho Industries.
The Indian manufacturing sector is one of the most dynamic in the world, and a key industry contributing immensely to the Indian GDP. As an extensive and all-encompassing sector catering to many important segments of the economy, its aim is to increase share to 25% of GDP or $ 1 trillion by 2025. As the industry revives and reboots itself globally, the manufacturing sector is all set to play a key role in this new post COVID era, acting as a trendsetter for business all across the globe.
One of the crucial elements spearheading the growth of the Indian manufacturing segment is the adoption of new technologies. As the Make in India movement grows, India continues to adopt the latest manufacturing tools to help organize the segment into one of the key players driving the future of the country, further supported by the government, with the Union Budget 2021-22 expected to enhance India’s domestic growth in manufacturing, trade, and other sectors.